Home prices dip again and consumer confidence take surprise drop
U.S. consumer confidence unexpectedly deteriorated in December, while prices of U.S. single-family homes fell almost double the expected pace in October, tempering growing optimism on the economy's recovery.
The latest data was at odds with other signs suggesting the economic recovery is accelerating and a separate report last week showing consumer sentiment at its highest level since June this month.
The Conference Board, an industry group, said its index of consumer attitudes slipped to 52.5 in December from an upwardly revised 54.3 in November.
The median of forecasts from analysts polled by Reuters was for a reading of 56.0.
Consumers' labor market assessment worsened. The "jobs hard to get" index rose to 46.8 percent in December from 46.3 percent last month, while the "jobs plentiful" index dropped to 3.9 percent from 4.3 percent.
"U.S. consumers are still worried about high unemployment, housing market stagnation and the generally meager growth they've seen so far," said Kathy Lien, director of currency research at GFT in New York.
Financial markets showed a muted reaction to the consumer and housing data, with traders citing very thin post-Christmas trade.
Separate data Tuesday showed the Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas declined 1 percent in October from September on a seasonally adjusted basis.
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4 comments:
Who can get a loan ???
Who wants a loan??? Who is confident enough in their job that they are sure they can pay it back???
Obama needs to focus on the economy and put his Socialist takeover on hold !
7:05, fiance and I just got preapproved for a 300,000 mortgage with 3.5% down! It's all about timing, proper money management, and God's plan/good luck (pending on your outlook on life, I'll take the former).
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